When thinking of being involved in the tech industry it can conjure up all kinds of images from Mark Zuckerburgs facebook to the late Steve Job’s Apple products and even seem quite intimidating to say the least when starting out – but you don’t really have to be an inventor/innovator/creator like these guys to make it!
In fact, there are all kinds of areas within this that you can get involved with. I was on the plane coming back from a break in Austria and I saw in the flight magazine an ad for buying into a CEX business model as a franchise. So – you would be investing anywhere from $100k to $250k into existing proven and fairly stable business model. For example the cex franchise could be perfect for you if you are wishing to pursue a second hand electronics store. And the figures show a steady growth pattern and pretty stable growth model – as stores have a fairly low risk.
When you really think about it, electronics is going no-where for now, so, by being a part of the second hand tech market (of which there will always be a market of sorts) you have a pretty low risk and fairly good returns.
Almost all business today relies on some form of technology so, there is always change and development and therefore there is always room to enter this existing market.
Not only do most businesses rely on Technology today it could be the deciding factor on whether a business succeeds or fails. And technological advances means that – all areas of business from agriculture to human development all benefit from new and powerful standards and cutting edge tools. So whether you wish to join a CEX franchise OR become the next Zuckerburg that’s down to you and your vision. There is – of course a ton of competition in the creation side of this business model. And when looking at your competition it could be that, your biggest rival or competitor trumps you only by a small margin because of their ability to offer more functionality or some other advantageous improvement on user experience so, it REALLY pays you to look at what is going on before just jumping in.
I have been studying Stanford and Harvard Business School trainings which have been of immense value to my own business growth over the years. Some are free and you can grab on your i-phone of smart phone and this has really helped me to have my finger on the pulse when helping my coaching clients make life altering decisions about which direction they may wish to take.
Something I have learned is that – In the tech startup industry it is common for many rivals or competitors to fight for the same space and market, knowing that the market is healthy and in demand. And also, a new idea is sprung into the tech space every day, whether it succeeds or not depends upon the teams vision and ability to understand and deliver the customer need better than their nearest rival. So the question is – can you see yourself in this space being a tech Enterprise software niche expert?
Many factors come into play to really succeed IN ANYTHING and so, really knowing what’s going on and studying those big players who are already succeeding in the industry is crucial to understanding where you might be a great solution. Just as with any business.
In my home of Bristol UK alone there are around 3000 new start ups being created each year and this is growing. Of course, not all are in tech but a large majority of them are. This is growing globally also. And remember we all need technology today so – its certainly a buoyant and growth area for innovation, invention and ideas. One of the key things i picked up is… ‘never think its all been done or being done’! There will always be room for expansion, change and growth in all existing systems and technologies.
For example – there are new digital-tech-entrepreneur-small-business-ideas and companies appearing everywhere and even in Paris today the start up industry is growing and booming thanks to certain laws and bans being lifted in the digital development area. These often young great minds are always looking to see areas where common functions we all know and have gotten used to ‘may be missing’ a vital function/solution or benefit to the end user thus, with a fresh idea ‘they or you’ or someone else will fill that gap.
Oh and by the way – you don’t even need a new fresh idea to make it. This is a common mental flaw in the mindset or startups because it has been proven time and time again that what most people really need is just a better version of an existing product or service. Whilst ideas are amazing they may take you way past current market trends and abilities which could alienate current buyers so just be aware of where the needs are right now versus what the future holds. There is way more risk is stepping way out in front where there is no market.
Another tip is – It also pays to realise that many people and businesses ‘are still not tech savvy’ so, of course – there are huge areas here for providing and simplifying systems with the ways they operate. But where could you begin?
Quality Versus Quantity and digital-tech-entrepreneur-small-business-ideas
Lets look at quality versus quantity for a moment.
What do you think matters most?
The truth is that sometimes quantity matters when gathering data otherwise how would we know who we are aiming at? And quality matters when executing business delivery products and or services. Some think it’s one or the other but, there doesn’t have to be a ‘winner’ when talking about business. Let me give you an example – recently my Girl friend’s hand bag broke, however she had a leather one in the cupboard that was much stronger and which she started using. She loved the cheaper one as it looked good but the other was made better. In my experience with business it is way better to go for creating quality as things can be replaced and your business could be replaced if it doesn’t meet with sufficient standards.
Most people want quality stuff as they associate it with lasting and with high end, so it’s worth the money. I am certainly not in any way a consumerist but i do think that sometimes spending a little more is worth it and cheap stuff bought all of the time means we just keep creating an engine for crappy goods and services so, it pays to try and pay more for quality sometimes I think. Another example is that – I raised all of my coaching prices and now only work with fewer people at higher prices. I charge for high end quality and it’s a great way to bring more free time into my life. Plus, i work with my dream clients, so it’s win win!
So, I would always suggest considering injecting greater quality and value into your life and business as it could really help you.
‘But’ what has this got to do with you starting a tech based business anyway?
I think that if we have great value to share, then we should share it. And your greatest value could be in this industry bringing valuable ideas to market to create high quality goods and services. In the longterm, you will have a greater chance of sustaining yourself and succeeding by producing quality. Your job is to look at buyers and consumers and see where they see the quality in what you offer.
So how does CEX work? Well, they offer reduced priced second hand electronics, the quality is there and they demonstrate this by offering guarantees. This is how they thrive in the marketplace and are one of the only companies that offer this. Plus, they know that many people will want to get rid of old stuff for whatever they can get for it very often meaning that they can mark goods up pretty generously.
When trying to create solution it is said that in the tech world you really want solve something significant but – be also able to explain easily in one sentence what that means. So, keeping the idea itself simple whilst executing its message solidly is the only real way to build growth and momentum. And you may apply this to anything in business.
Mindset – digital-tech-entrepreneur-small-business-ideas
IMPORTANT! Most people THINK that mindset is not something they need to master BUT IT IS!
Before starting out, be sure to look at where your vision is, your mission statement is clear and you have created a business plan. By knowing these things you have a way greater power than others who have no clue about this kind of stuff. It matters! Next, practice having your vision fixed every day so you have strength of focus. Manage your expenses to ensure you are connected to your costs as they can really add up and spiral out of control. So, know your goals firstly and have clarity as it will shape your brand and momentum moving forward. You will be able to build on these strengths and build quality solutions.
Tech overload – digital-tech-entrepreneur-small-business-ideas
Hey, If this is all a bit much for you at the moment then take a deep breath and relax. It can seem like a mountain to climb. However I do offer 1ON1 coaching where I help clients build solid small businesses and start ups from scratch whether they have experience or not so if you are interested in this you can talk to me for FREE in a strategy session @ www.GregDeTisi.com I will be happy to hear your ideas and help you cultivate them. You will also receive my ebook free just for applying which will really help you when starting out.
What else will we discuss? We will look at creating that crystal clear vision and message I spoke of, we will have something on paper which I will send you helping you to get started making your ideas and business a reality. We will also, look at the fundamentals such as creating a structure, a scalable system and start researching the market place. Having been in business now for over 10 years I know how to manage every challenge as I have been there and mastered them. As a coach I am committed to your growth so, if this sounds like fun to you then get in touch.
Suggested Study – Go and download the stanford business school videos and audios onto your i-phone and listen to one a day for a month.
Tips – Never think you know it all as when you do you are failing – get help – get a team who all are on the same page – you don’t need a fresh idea you just need a gap – so you could improve or change something current as it may be easier to grow – if you think too far ahead of the market it may be too advanced for current thinking so be careful when being radical
Did you know – a start up is an entrepreneurial venture and not necessarily in the tech world it could be a coffee shop or something else
Explore – Don’t just pick something look at all areas of this wonderful business landscape and get some notes on paper